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FTAI Infrastructure Inc. Reports Third Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock

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FTAI Infrastructure reported Q3 2024 financial results, showing a net loss of $49,971,000 with basic and diluted loss per share of $0.45. The company achieved Adjusted EBITDA of $36,928,000, with four core segments contributing $42,543,000. The Board declared a quarterly dividend of $0.03 per share, payable November 19, 2024. Business highlights include signing a long-term contract at Repauno, progress on Jefferson construction projects, and Long Ridge power plant operating at 99% capacity factor, with new capacity pricing expected to generate $16 million in incremental annual Adjusted EBITDA for 2025-26.

FTAI Infrastructure ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando una perdita netta di $49,971,000 con una perdita per azione, sia base che diluita, di $0.45. L'azienda ha raggiunto un EBITDA rettificato di $36,928,000, con quattro segmenti principali che hanno contribuito con $42,543,000. Il Consiglio ha dichiarato un dividendo trimestrale di $0.03 per azione, pagabile il 19 novembre 2024. Tra i punti salienti dell'attività ci sono la firma di un contratto a lungo termine presso Repauno, i progressi nei progetti di costruzione a Jefferson, e l'impianto di energia Long Ridge che opera al 99% della capacità, con nuove tariffe di capacità previste per generare $16 milioni in EBITDA rettificato annuo incrementale per il 2025-26.

FTAI Infrastructure informó los resultados financieros del tercer trimestre de 2024, mostrando una pérdida neta de $49,971,000 con una pérdida por acción básica y diluida de $0.45. La compañía logró un EBITDA ajustado de $36,928,000, con cuatro segmentos fundamentales que contribuyeron con $42,543,000. La Junta declaró un dividendo trimestral de $0.03 por acción, pagadero el 19 de noviembre de 2024. Los aspectos destacados del negocio incluyen la firma de un contrato a largo plazo en Repauno, avances en los proyectos de construcción de Jefferson y la planta de energía Long Ridge operando al 99% de su capacidad, con nuevos precios de capacidad que se espera generen $16 millones en EBITDA ajustado incremental anual para 2025-26.

FTAI 인프라가 2024년 3분기 재무 결과를 보고했으며, $49,971,000의 순손실과 기본 및 희석 손실 주당 $0.45를 기록했습니다. 회사는 $36,928,000의 조정 EBITDA를 달성하였고, 네 개의 핵심 부문이 $42,543,000을 기여했습니다. 이사회는 주당 $0.03의 분기 배당금을 선언하였으며, 이는 2024년 11월 19일 지급됩니다. 비즈니스 하이라이트에는 Repauno에서의 장기 계약 체결, Jefferson 건설 프로젝트의 진행, Long Ridge 발전소가 99%의 용량으로 운영되고 있으며, 2025-26년 동안 추가 조정 EBITDA로 $16 백만을 생성할 것으로 예상되는 새로운 용량 가격이 포함됩니다.

FTAI Infrastructure a rapporté les résultats financiers du troisième trimestre 2024, affichant une perte nette de $49,971,000 avec une perte par action, de base et diluée, de $0.45. L'entreprise a réalisé un EBITDA ajusté de $36,928,000, avec quatre segments principaux contribuant à hauteur de $42,543,000. Le Conseil a déclaré un dividende trimestriel de $0.03 par action, payable le 19 novembre 2024. Les faits marquants des affaires incluent la signature d'un contrat à long terme à Repauno, les avancées sur les projets de construction à Jefferson, et la centrale électrique Long Ridge fonctionnant à 99 % de son facteur de capacité, avec de nouveaux prix de capacité qui devraient générer $16 millions en EBITDA ajusté annuel supplémentaire pour 2025-26.

FTAI Infrastructure hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Nettoverlust von $49,971,000 und einem Verlust pro Aktie, sowohl unverdünnt als auch verwässert, von $0.45. Das Unternehmen erzielte ein bereinigtes EBITDA von $36,928,000, wobei vier Kernsegmente mit $42,543,000 beitrugen. Der Vorstand erklärte eine vierteljährliche Dividende von $0.03 pro Aktie, zahlbar am 19. November 2024. Zu den Höhepunkten des Geschäfts gehören der Abschluss eines langfristigen Vertrags in Repauno, Fortschritte bei den Bauprojekten in Jefferson und das Kraftwerk Long Ridge, das mit 99 % Kapazitätsauslastung betrieben wird, wobei von den neuen Kapazitätspreisen erwartet wird, dass sie 2025-26 zusätzliche bereinigte EBITDA in Höhe von $16 Millionen generieren.

Positive
  • Long Ridge power plant achieved 99% capacity factor
  • New capacity pricing expected to add $16M annual Adjusted EBITDA for 2025-26
  • Secured new long-term contract at Repauno facility
  • Jefferson construction projects progressing on schedule and within budget
Negative
  • Net loss of $49.97M in Q3 2024
  • Loss per share of $0.45
  • Low quarterly dividend of $0.03 per share

Insights

The Q3 2024 results reveal concerning financial performance with a $49.97 million net loss and -$0.45 EPS, though operational metrics show some resilience with $36.93 million in Adjusted EBITDA. The modest $0.03 dividend maintains shareholder returns but reflects conservative capital management.

Key positives include the Long Ridge power plant's impressive 99% capacity factor and projected $16 million incremental annual Adjusted EBITDA from new capacity pricing. Infrastructure developments at Repauno and Jefferson terminals suggest potential future revenue streams, though current losses indicate near-term challenges in achieving profitability.

The divergence between negative GAAP metrics and positive operational indicators suggests the company is investing heavily in growth initiatives while managing through current market headwinds.

NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the third quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

(in thousands, except per share data)
Selected Financial ResultsQ3’24
Net Loss Attributable to Stockholders$(49,971)
Basic and Diluted Loss per Share of Common Stock$(0.45)
Adjusted EBITDA (1)$36,928 
Adjusted EBITDA - Four core segments (1)(2)$42,543 
    

_______________________________

(1)   For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2)   Excludes Sustainability and Energy Transition and Corporate and Other segments.

Third Quarter 2024 Dividends

On October 30, 2024, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended September 30, 2024, payable on November 19, 2024 to the holders of record on November 12, 2024.

Business Highlights

  • Signed long-term contract and additional LOI at Repauno and commenced construction for phase 2 transloading system.
  • Construction projects at Jefferson progressing on schedule, on budget for contracts commencing in 2025.
  • Long Ridge power plant operated at a 99% capacity factor; new capacity pricing for 2025-26 season represents $16 million of incremental annual Adj. EBITDA and expected to continue for foreseeable future(1).

(1)   Represents management’s estimates; actual results may vary.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call

In addition, management will host a conference call on Thursday, October 31, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BI0831790884ec4e0b9c259fbb54b3c628. Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:30 A.M. on Thursday, October 31, 2024 through 11:30 A.M. on Thursday, November 7, 2024 on https://ir.fipinc.com/news-events/events.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

About FTAI Infrastructure Inc.

FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Transtar’s continued momentum, and Long Ridge’s potential ability to add substantial EBITDA for mid-2025 to mid-2026 period. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@fortress.com 

Exhibit - Financial Statements

FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
 
 Three Months Ended September 30, Nine Months Ended September 30,
 2024
 2023
 2024
 2023
Revenues       
Total revenues$83,311  $80,706  $250,733  $239,032 
        
Expenses       
Operating expenses 62,766   68,416   188,566   196,353 
General and administrative 2,989   2,485   10,690   9,388 
Acquisition and transaction expenses 2,526   649   4,373   1,554 
Management fees and incentive allocation to affiliate 2,807   3,238   8,584   9,304 
Depreciation and amortization 19,492   20,150   60,176   60,577 
Asset impairment          743 
Total expenses 90,580   94,938   272,389   277,919 
        
Other (expense) income       
Equity in losses of unconsolidated entities (14,308)  (9,914)  (38,998)  (7,173)
Gain (loss) on sale of assets, net 2,758   (263)  2,595   260 
Gain (loss) on modification or extinguishment of debt 747   (2,020)  (8,423)  (2,020)
Interest expense (31,513)  (25,999)  (88,796)  (73,431)
Other income 6,537   2,387   15,865   3,978 
Total other expense (35,779)  (35,809)  (117,757)  (78,386)
Loss before income taxes (43,048)  (50,041)  (139,413)  (117,273)
(Benefit from) provision for income taxes (92)  8   1,980   2,560 
Net loss (42,956)  (50,049)  (141,393)  (119,833)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (9,963)  (9,932)  (32,053)  (30,101)
Less: Dividends and accretion of redeemable preferred stock 16,978   15,984   51,563   45,811 
Net loss attributable to stockholders$(49,971) $(56,101) $(160,903) $(135,543)
        
Loss per share:       
Basic$(0.45) $(0.55) $(1.51) $(1.32)
Diluted$(0.45) $(0.55) $(1.51) $(1.32)
Weighted average shares outstanding:       
Basic 109,723,831   102,820,651   106,317,677   102,800,818 
Diluted 109,723,831   102,820,651   106,317,677   102,800,818 
                


FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
 
 (Unaudited)  
 September 30, 2024 December 31, 2023
Assets   
Current assets:   
Cash and cash equivalents$20,295  $29,367 
Restricted cash 124,338   58,112 
Accounts receivable, net 55,168   55,990 
Other current assets 47,266   42,034 
Total current assets 247,067   185,503 
Leasing equipment, net 36,173   35,587 
Operating lease right-of-use assets, net 68,859   69,748 
Property, plant, and equipment, net 1,624,906   1,630,829 
Investments 54,148   72,701 
Intangible assets, net 47,237   52,621 
Goodwill 275,367   275,367 
Other assets 83,732   57,253 
Total assets$2,437,489  $2,379,609 
    
Liabilities   
Current liabilities:   
Accounts payable and accrued liabilities$152,957  $130,796 
Operating lease liabilities 7,270   7,218 
Other current liabilities 13,449   12,623 
Total current liabilities 173,676   150,637 
Debt, net 1,535,679   1,340,910 
Operating lease liabilities 61,651   62,441 
Other liabilities 46,379   87,530 
Total liabilities 1,817,385   1,641,518 
    
Commitments and contingencies     
    
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023; redemption amount of $436.8 million and $446.5 million at September 30, 2024 and December 31, 2023) 366,913   325,232 
    
Equity   
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 113,745,115 and 100,589,572 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) 1,137   1,006 
Additional paid in capital 785,734   843,971 
Accumulated deficit (291,513)  (182,173)
Accumulated other comprehensive loss (124,587)  (178,515)
Stockholders' equity 370,771   484,289 
Non-controlling interest in equity of consolidated subsidiaries (117,580)  (71,430)
Total equity 253,191   412,859 
Total liabilities, redeemable preferred stock and equity$2,437,489  $2,379,609 
        


FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)
 
 Nine Months Ended September 30,
 2024
 2023
Cash flows from operating activities:   
Net loss$(141,393) $(119,833)
Adjustments to reconcile net loss to net cash used in operating activities:   
Equity in losses of unconsolidated entities 38,998   7,173 
Gain on sale of assets, net (2,595)  (260)
Loss on modification or extinguishment of debt 8,423   2,020 
Gain on sale of easement (3,486)   
Equity-based compensation 6,768   5,814 
Depreciation and amortization 60,176   60,577 
Asset impairment    743 
Change in deferred income taxes 1,187   2,148 
Change in fair value of non-hedge derivative    1,125 
Amortization of deferred financing costs 6,370   4,910 
Amortization of bond discount 4,419   3,472 
Provision for credit losses 569   1,661 
Change in:   
Accounts receivable 253   (5,547)
Other assets (5,982)  17,387 
Accounts payable and accrued liabilities 17,676   15,130 
Other liabilities 1,394   1,266 
Net cash used in operating activities (7,223)  (2,214)
    
Cash flows from investing activities:   
Investment in unconsolidated entities (2,273)  (6,070)
Investment in convertible promissory notes (31,500)  (51,044)
Acquisition of business, net of cash acquired    (4,448)
Acquisition of leasing equipment (1,627)   
Acquisition of property, plant and equipment (53,322)  (78,712)
Investment in equity instruments (5,000)   
Proceeds from sale of leasing equipment    116 
Proceeds from sale of property, plant and equipment 598   1,148 
Proceeds from sale of easement 3,486    
Net cash used in investing activities (89,638)  (139,010)
    
Cash flows from financing activities:   
Proceeds from debt, net 449,689   162,100 
Repayment of debt (247,594)  (75,131)
Payment of financing costs (10,397)  (6,472)
Cash dividends - common stock (9,707)  (9,254)
Cash dividends - redeemable preferred stock (9,723)   
Settlement of equity-based compensation (3,214)  (90)
Distributions to non-controlling interests (15,039)  (1,647)
Net cash provided by financing activities 154,015   69,506 
    
Net increase (decrease) in cash and cash equivalents and restricted cash 57,154   (71,718)
Cash and cash equivalents and restricted cash, beginning of period 87,479   149,642 
Cash and cash equivalents and restricted cash, end of period$144,633  $77,924 
        

Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023:

 Three Months Ended
September 30,
 Change
 Nine Months Ended
September 30,
 Change
(in thousands) 2024   2023    2024   2023  
Net loss attributable to stockholders$(49,971) $(56,101) $6,130  $(160,903) $(135,543) $(25,360)
Add: (Benefit from) provision for income taxes (92)  8   (100)  1,980   2,560   (580)
Add: Equity-based compensation expense 2,629   4,277   (1,648)  6,768   5,814   954 
Add: Acquisition and transaction expenses 2,526   649   1,877   4,373   1,554   2,819 
Add: (Gains) losses on the modification or extinguishment of debt and capital lease obligations (747)  2,020   (2,767)  8,423   2,020   6,403 
Add: Changes in fair value of non-hedge derivative instruments             1,125   (1,125)
Add: Asset impairment charges             743   (743)
Add: Incentive allocations                 
Add: Depreciation and amortization expense (1) 20,725   20,150   575   63,418   60,577   2,841 
Add: Interest expense 31,513   25,999   5,514   88,796   73,431   15,365 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 5,625   5,554   71   15,090   20,630   (5,540)
Add: Dividends and accretion of redeemable preferred stock 16,978   15,984   994   51,563   45,811   5,752 
Add: Interest and other costs on pension and OPEB liabilities (248)  480   (728)  214   1,440   (1,226)
Add: Other non-recurring items (3)    1,131   (1,131)     2,470   (2,470)
Less: Equity in losses of unconsolidated entities 14,308   9,914   4,394   38,998   7,173   31,825 
Less: Non-controlling share of Adjusted EBITDA (4) (6,318)  (5,410)  (908)  (20,305)  (15,577)  (4,728)
Adjusted EBITDA (non-GAAP)$36,928  $24,655  $12,273  $98,415  $74,228  $24,187 

_______________________________

(1)Includes the following items for the three months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $19,492 and $20,150 and (ii) capitalized contract costs amortization of $1,233 and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $60,176 and $60,577 and (ii) capitalized contract costs amortization of $3,242 and $—, respectively.
  
(2)Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of $(14,352) and $(9,941), (ii) interest expense of $10,826 and $8,830, (iii) depreciation and amortization expense of $6,911 and $6,965, (iv) acquisition and transaction expenses of $47 and $50, (v) changes in fair value of non-hedge derivative instruments of $(2,572) and $(352), (vi) equity-based compensation of $— and $2, (vii) asset impairment of $24 and $—, (viii) equity method basis adjustments of $17 and $— and (ix) loss on modification or extinguishment of debt of $4,724 and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) net loss of $(39,132) and $(7,283), (ii) interest expense of $32,901 and $25,166, (iii) depreciation and amortization expense of $20,091 and $20,598, (iv) acquisition and transaction expenses of $97 and $307, (v) changes in fair value of non-hedge derivative instruments of $(4,394) and $(18,162), (vi) equity-based compensation of $2 and $4, (vii) asset impairment of $274 and $—, (viii) equity method basis adjustments of $49 and $—, (ix) loss on modification or extinguishment of debt of $4,724 and $— and (x) other non-recurring items of $478 and $—, respectively.
  
(3)Includes the following item for the three and nine months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs and Railroad severance expense of $1,131 and $2,470, respectively.
  
(4)Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of $240 and $718, (ii) benefit from income taxes of $(98) and $(19), (iii) interest expense of $3,078 and $1,821, (iv) depreciation and amortization expense of $3,274 and $2,870, (v) acquisition and transaction expense of $— and $19, (vi) interest and other costs on pension and OPEB liabilities of $(1) and $1 and (vii) loss on modification or extinguishment of debt of $(175) and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) equity-based compensation of $939 and $904, (ii) (benefit from) provision for income taxes of $(374) and $69, (iii) interest expense of $7,906 and $5,558, (iv) depreciation and amortization expense of $9,855 and $8,950, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) acquisition and transaction expense of $3 and $27, (vii) interest and other costs on pension and OPEB liabilities of $1 and $3, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $1,975 and $— and (x) other non-recurring items of $— and $3, respectively.
  

The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended September 30, 2024:

 Three Months Ended September 30, 2024
(in thousands)Railroad Jefferson
Terminal
 Repauno Power and
Gas
 Four Core
Segments
Net income (loss) attributable to stockholders$14,528  $(8,009) $(4,987) $(8,562) $(7,030)
Add: Provision for (benefit from) income taxes 1,174   (426)  (73)     675 
Add: Equity-based compensation expense 547   673   1,306      2,526 
Add: Acquisition and transaction expenses 95         1,681   1,776 
Add: Gains on the modification or extinguishment of debt and capital lease obligations    (747)        (747)
Add: Changes in fair value of non-hedge derivative instruments              
Add: Asset impairment charges              
Add: Incentive allocations              
Add: Depreciation and amortization expense (1) 4,936   13,221   2,489      20,646 
Add: Interest expense 78   13,107   92      13,277 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)          7,512   7,512 
Add: Dividends and accretion of redeemable preferred stock              
Add: Interest and other costs on pension and OPEB liabilities (248)           (248)
Add: Other non-recurring items              
Less: Equity in losses of unconsolidated entities          10,474   10,474 
Less: Non-controlling share of Adjusted EBITDA (3) (30)  (6,055)  (233)     (6,318)
Adjusted EBITDA (non-GAAP)$21,080  $11,764  $(1,406) $11,105  $42,543 

_______________________________

(1)Jefferson Terminal
 Includes the following items for the three months ended September 30, 2024: (i) depreciation and amortization expense of $11,988 and (ii) capitalized contract costs amortization of $1,233.
  
(2)Power and Gas
 Includes the following items for the three months ended September 30, 2024: (i) net loss of $(10,489), (ii) interest expense of $9,544, (iii) depreciation and amortization expense of $6,217, (iv) acquisition and transaction expenses of $47, (v) changes in fair value of non-hedge derivative instruments of $(2,572), (vi) asset impairment of $24, (vii) equity method basis adjustments of $17 and (viii) loss on modification or extinguishment of debt of $4,724.
  
(3)Railroad
 Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $3, (ii) provision for income taxes of $6, (iii) depreciation and amortization expense of $22 and (iv) interest and other costs on pension and OPEB liabilities of $(1).
  
 Jefferson Terminal
 Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $157, (ii) benefit from income taxes of $(100), (iii) interest expense of $3,073, (iv) depreciation and amortization expense of $3,100, and (v) loss on modification or extinguishment of debt of $(175).
  
 Repauno
 Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $80, (ii) benefit from income taxes of $(4), (iii) interest expense of $5 and (iv) depreciation and amortization expense of $152.

FAQ

What was FTAI Infrastructure's (FIP) net loss in Q3 2024?

FTAI Infrastructure reported a net loss of $49,971,000 in Q3 2024, with a loss per share of $0.45.

When will FIP pay its Q3 2024 dividend?

FIP will pay a dividend of $0.03 per share on November 19, 2024, to shareholders of record as of November 12, 2024.

What was FIP's Adjusted EBITDA for Q3 2024?

FTAI Infrastructure's Adjusted EBITDA for Q3 2024 was $36,928,000, with core segments contributing $42,543,000.

What is the expected incremental Adjusted EBITDA from Long Ridge's new capacity pricing?

The new capacity pricing for 2025-26 is expected to generate $16 million in incremental annual Adjusted EBITDA.

FTAI Infrastructure Inc.

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1.02B
113.75M
0.98%
91.67%
6.07%
Conglomerates
Railroads, Line-haul Operating
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United States of America
NEW YORK